News Release

Senior VP & CFO Announces Departure from Carpenter

K. Douglas Ralph to Retire From Day-to-Day Professional Life

WYOMISSING, Pa.--(BUSINESS WIRE)--Sep. 7, 2012--
Today, Carpenter Technology announced that K. Douglas Ralph, 52,
Carpenter’s Senior Vice President and Chief Financial Officer since July
2007, will leave the company at the end of August 2013. Doug and his
wife, Maureen, have made the decision to move full-time to South
Carolina, where Doug will retire from the day-to-day professional life
that he has known for the past 30 years. “I am fortunate to have the
ability to make the personal decision to leave the workforce early so as
to enjoy other aspects of my life. Working at Carpenter has been a great
experience and I want to ensure there is a smooth transition of my
responsibilities before I leave. While excited for my future, it is
difficult to leave Carpenter. I am leaving a great company that has a
strong leadership team, very talented and committed people, and
outstanding forward-growth opportunities,” commented Ralph.

"Doug has made outstanding contributions to the Carpenter team. Doug has
brought not only very strong financial leadership to Carpenter, but
also, strong strategic and managerial leadership,” said Carpenter Chief
Executive Officer Bill Wulfsohn. “His personal commitment to the highest
standards of accountability, transparency, and integrity has helped us
to set the tone for how Carpenter does business today. While we will
miss Doug, we are happy for him as he moves forward into the next phase
of his life. I and the rest of the Carpenter team appreciate Doug's
commitment to ensure a smooth transition and are thankful for his many
outstanding contributions during his tenure."

Doug will continue in his current role through the hiring and
orientation of a new CFO, remaining with the company to support a
seamless transition. The company has begun a search to identify a
successor.

About Carpenter Technology

Carpenter Technology, based in Wyomissing, PA, produces and distributes
specialty alloys, including stainless steels, titanium alloys and
superalloys, and various engineered products. Information about
Carpenter can be found at www.cartech.com.